C150062 Financials 2008

• Contract/PO #: C150062
• Contractor Name: Monument, Town of
• Contract Type: Loan
• Loan Projects - Doc Type: Report

•
•
• TOWN OF MONUMENT, COLORADO
•
• NOTES TO FINANCIAL STATEMENTS
December 31, 2008
•
•
• NOTE 3: DEPOSITS AND INVESTMENTS
• A summary of deposits and investments as of December 31, 2008 follows:
•
• Petty Cash $ 1,200
• Cash Deposits 2,138,118
• Investments 1,626,729
• Total $ 3,766,047
• The above amounts are classified in the statement of net assets as follows:
• Cash and Investments $ 1,715,107
Restricted Cash and Investments 2,050,940
• Total $ 3,766,047
• Deposits
Custodial Credit Risk- Deposits
•
• Custodial credit risk is the risk that in the event of a bank failure, the government's
• deposits may not be returned to it. The Colorado Public Deposit Protection Act
• (PDPA) requires that all units of local government deposit cash in eligible public
depositories. Eligibility is determined by state regulations. At December 31, 2008,State
• regulatory commissioners have indicated that all financial institutions holding deposits
• for the Town are eligible public depositories. Amounts on deposit in excess of federal
• insurance levels must be collateralized by eligible collateral as determined by the PDPA.
• PDPA allows the financial institution to create a single collateral pool for all public
funds held. The pool is to be maintained by another institution, or held in trust for all
the uninsured public deposits as a group. The market value of the collateral must be at
• least equal to 102% of the uninsured deposits.
• The Town has no policy regarding custodial credit risk for deposits.
•
At December 31, 2008, the Town had deposits with financial institutions with a
• carrying amount of$2,138,118. The bank balances with the financial institutions were
• $2,198,118. Of these balances, $250,000 was covered by federal depository insurance
and $1,948,118 was covered by collateral held by authorized escrow agents in the
financial institutions name (PDPA).
•
•
15
•
•
S